Hello,
I am wondering if anyone has experiance with PAMM accounts, especially hotforex broker PAMM account.
Yes, i have it, u can check it here:
I’ve been workin with them for 3 years til now, and im very satisfied. They are very honest and responsible.
When u open a pamm with them u cant know the identity of the investors, but only their account number, and they can withdraw at anytime they want.
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I have had a good experience with HF PAMM.
I had opened an account after having a conversation with a client on myfxbook and now I have been growing my account as well as growing client base.
The customer service is good.
The trading platform is good as well.
For PAMM Managers:
Open a PAMM Manager Account - This is where your clients will invest funds in your account.
Open a PAMM Commission Account - This is where your revenue share / Performance fees will be deposited.
Opem a PAMM Investor Account - If you want to reinvest your profits back into your system
Note: For performance fees withdrawal, you need to close all the open trades and orders and send a request to PAMM support dept. They will do the needful within 24 hours.
Note2: Please check your PAMM Manager account regularly as there is no way to communicate between client and PAMM Manager, so if you have a new client or new deposit, you won’t know until you log into your account and approve a new client.
Note3: Same rule applies for accepting a new clients: Close all active trades before you can accept new client funds.
For Investors:
Look for PAMM Managers who have consistent performances and check for following parameters:
Abs. Gain
Monthly
Margin
Margin Free
Floating P/L
I know that the pamm.hotforex.com page does not have a easy navigation but still the above mentioned parameters can be helpful to you.
Out of 1000+ members listed you would be looking at only 100+ PAMM Manager account which are in good shape so it shouldn’t be a big search.
A big plus if the PAMM Account manager is on any forex forums so you can connect with them before you invest; as HF website does not offer any way of communication with investor and fund manager.
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Forget About it. PAMM will just make you lose money.
I would be glad to know and understand from you how would PAMM account lose money ?
The same way any so called trader loses money
Ture, there are more losers than winners in Forex.
However, I am just commenting on how the broker offers their services. Its upto an investor and a fund manager to decide where they want to put their money in. Hence, I even mentioned in the post that out for 1000+ Fund managers listed only 100 some are making money.
All brokers offer pamm accounts but only brokers based in Nigeria or New Zealand (like ALpari) offers at the open market, big difference. Most brokers demads a lot of documentation and licenses for you to apply for becoming a PAMM administrator. But not sites like Alpari NZ and the mentioned above. I tried with alpari. Those traders are no better thatn anyone out there. But if you are going to open a managed account anyway I suggest you to avoid the top 10 or top 20 managers. They indeed make a lot of money but if fortune does not smiles on them they are wiped out including your gains. Besides they comonly ask the 50% of commission so anyway it is another way to risk high and gain little.
before you think about pamm, think about this:
do you understand forex?
if you do, you have no need for another trader’s game.
if you don’t, you have no business betting on another trader’s game.
Before you think about Hotforex, go see the forex peace army’s scam report folders!
you need to be carefull when you look at top ranked in hotforex pamm, usually they make a lot of profit use grid or martingale. So when you look pamm for you, watch equity, not just monthly profit, if equity is more than 20% minus I think better be carefull or check if its not just simply grid manager.
pamms are tricky, top 10 or 20 have the advantage of being in the top but yeah, it takes much study before actually joining a good pamm account, thats what i was trying to say, pamm accounts are managed fund traded by another trader, so I just trade my own money and if i lose then there is no need to point fingers, the pamm system at forex i would say is alright the system, but i cant say much about the traders since i have no personal experience never the less. best of luck.
I would say that you should be careful with PAMM accounts, and pay more attention on your trading education.
Follow my experience, we should follow PAMM account that active for > 1 year. I have seen some PAMM with 8 months incredible performances died in 1 month. And we should discuss with Fund Manager about their strategy in making profit consistently.
You are right, most of all top ranked pamm very dangerous traders. But if investors will be careful they can grow deposits.
Yes, that’s correct. It’s same like gaining experience in trading - carry out risk assessment of fund managers and build risk-balanced portfolio from them. I’m pretty sure Hotforex can supply me a couple of them for my portfolio.
IN choosing PAMM, consistent should be the most important factor instead of gain profit, but drawdown is also need to be watched.
In the PAMM account, is there any customer agreement form that I have to give to become a customer of PAMM account holder.?
Of course but in most cases you sign it electronically, " acknowledging" them when clicking button “open investor account” or similar. Here are the forms you’re asking for: HotForex PAMM Program Terms & Conditions | Forex Broker
Yes, but does it bother you? All things involve to money should have an agreement that we have to sign, epsecially forex.
Do you mind sharing the manager you used